Personal Income Tax Return Checklist 2018 Income Tax Year. Our checklist to help you collate your tax return information

Transcription

1 Personal Income Tax Return Checklist 2018 Income Tax Year Our checklist to help you collate your tax return information

2 Welcome Welcome to a new income tax year, which means it s time to file last year s income tax returns. Our primary goal remains to provide you with professional, efficient tax preparation & consulting. We continue to seek ways to improve & streamline our processes to achieve this and to minimise turn-around time. I know that, for many, there s so much to remember and collate when collating information ready to send to us. That s why we ve designed this guide to help. I hope you find it useful. How to use this checklist We ve written this checklist to help you to collate the information we need to prepare your 2018 personal income tax return(s). The information required relates to the tax year from 1 April 2017 to 31 March If your income year is different, please contact us. If, after reading this guide, you have any questions, or need help with it, please call us on Acknowledgement Please take the time to complete this checklist as it s a very important part of the accounting process. When you ve gathered your tax information, please call for an appointment or if you feel an appointment is unnecessary, simply mail/ your information to us. Please sign the acknowledgement page on page 4. We aim to process tax returns in the order that they re received and within four to six weeks. If you have a specific deadline or other time constraint, please let us know. As always, thank you for your business and referrals, and I look forward to hearing from you soon. All the best for the year. The checklist contains a series of boxes for you to check off so you know you ve given us the information and documentation we require. Though it may seem inconvenient, he checklists helps us to prepare your income tax return to the highest standards. Mark Gwilliam FCCA CA Director Professional Standards and Quality Assurance As members of the Association of Chartered Certified Accountants and New Zealand Institute of Chartered Accountants, we are required to meet certain professional and quality control standards. This checklist is an essential part of that process. Help to Minimise our Fees The details you provide can help to save time - delays and additional fees are inevitable if we need to obtain missing information, trace transactions, or decipher illegible handwriting. FY18 Personal Income Tax Checklist Page 1

3 Personal Information Checklist Interest and Dividends If you received interest or dividends during the year, please provide: Copies of all resident withholding tax certificates received. Copies of all dividend advices which accompany dividend payments. Portfolio Investment Entities (PIEs) If you have investments in PIEs, please provide certificates of income earned during the year. Tax Credits If you were employed or self-employed, please advise how many weeks you were employed for at least 20 hours per week during the year... weeks. Profit or Loss from Look Through Company If you received income from a Look Through Company, please advise the name of the company, your shareholding percentage and your share of net profit/loss (we will contact you regarding calculation of your Owner s Basis under LTC loss limitation rules). Business Income or Rental Income If you received business income from self-employment, partnership or shareholder salary, or income from rental property, please complete our business checklist or rental checklist. Trust, Estate or other Overseas Income If you received any other income, for example from, estates or trusts (NZ or overseas), salary, overseas annuity, cash-up or transfer from an overseas superannuation fund or overseas pension, please provide details including details of any tax paid on your behalf. Other Income If you received other income e.g. grants, royalties, cash tips, special one-off payments received from a tenant in respect of a lease, please provide details. Share Trading If you bought or sold shares regularly during the year, please provide details. Investments and Term Deposits If you made or disposed of any investments/term deposits during the year, please provide details. Land Transactions If you bought or sold land during the year or bought residential property (or a part-interest) after 30 September 2015, which you sold within 24 months, please provide details. Provisional Tax Please provide details of any matters that may cause your 2019 income tax to be significantly different from your 2018 income. Donations, Crèche, Housekeeper Credits If you made any donations or paid for school fees, creche or a house-keeper, please provide: Receipts of donations made to schools, churches & charitable organisations. You can t claim stationery fees or school trips. Details of amounts paid to a creche or house-keeper. FY2018 Personal Income Tax Year Guide Page 2

4 Income Protection/Disability Insurance If you have income protection or disability insurance, please attach a copy of the invoice and policy or provide details of the premium paid. Student Loan If you have a student loan please provide the student loan statements received from the IRD. Working for Families Tax Credits (WFFTC) If you received a Family Tax Credit or Child Support during the year or have children under 18 years or who turned 18 during the year and are not financially independent and are at school or a tertiary institution, please contact us for further details. Child Support If you paid Child Support during the year, please advise the total amount you paid. $... Employee Share Purchase Arrangements If you participate in an Employee Share Purchase Scheme or Arrangement, operated by your present or past employer, please provide: Full details of the plan and any shares issued to you, and any share options you have received and proceeds from the sale of options. Market value of shares when they were issued to you. Details of any amounts paid by you for the shares. Overseas Investments in Foreign Investment Fund (FIF) regime and Controlled Foreign Company (CFC) Regime If you had any overseas investments during the year (including foreign life insurance & overseas pension funds even if they are not yet paying out) please provide the following details: Copies of investment statements & income statements Details of sales and purchases (date, sale price, cost, no. of units) A valuation report of your investments at this year-end showing each investment s cost and market value at 31 March 2018 A valuation report of your investments at previous year end i.e. at 31 March 2017 showing each investment s cost and market value. A list of any Australian share on that valuation report that doesn t qualify for the FIF exemption. Details of any lump sum pension withdrawals or payments. Details of any transfers into any Australian Retirement Savings Fund. Copies of financial statements for foreign companies you control. Other Information If you have any other comments or notes relevant to your taxable income please use this section to let us know. FY2018 Personal Income Tax Year Guide Page 3

5 Acknowledgement I authorise Business Advisory Accounting & Tax Services Limited (hereafter referred to as BAS ) to act on my behalf in respect of the Inland Revenue and ACC for the purposes of obtaining any information necessary with regard to my income tax account (and other tax accounts) as they deem relevant. I may revoke this authority at any time. I authorise any person or company to provide BAS with such information as BAS may require to complete my tax return(s), and any other work BAS carries out on my behalf. I further authorise BAS to furnish to any third party, financial information of mine as BAS deems appropriate that is requested in furtherance of my income earning activities. case, BAS has my express permission to file them with the Inland Revenue, without delay, and BAS may assume that the return(s) is/are true and correct and represents my assessment for the related year as required under the Tax Administration Act I have been advised of the basis that BAS charges its fees and that I have read BAS terms and conditions. By signing this document, I agree to be bound by them. Should BAS not receive such a signed copy but I continue to instruct BAS, then I acknowledge that I have accepted the terms and conditions and BAS terms of business. Signature Name I accept responsibility for the accuracy and completeness of the information supplied. BAS is not required to complete an audit, nor do I wish BAS to undertake a detailed review of my affairs in order for BAS to substantiate the accuracy of the information I have supplied BAS, and therefore BAS is not asked to provide any assurance on my/our financial statements. I acknowledge that BAS work cannot be relied upon to detect error and fraud and that the income tax return(s) will be prepared at my request and for my purposes only and that BAS will not be liable for any losses, claims or demands by any 3rd party. I accept responsibility for all other records and information supplied to BAS other than those listed above. I accept responsibility if I fail to supply all relevant records and information to BAS, BAS may consider all balances to be NIL or NO where I do not supply this information. If I do not return any associated income tax declarations within 10 business days (excluding the period 21 December 2018 to 14 January 2019) of BAS sending them to me, BAS may assume that I have signed them unless I provide alternative written instructions. In this Date Other Services Available: If you d like to discuss some of our other services, please tick the relevant box(es) below: Spread Your Accounting Fees / Monthly Payments Fixed Price Monthly Accounting and GST Services Virtual Chief Financial Officer Virtual Financial Controller Advisory Board / Independent Director Budgets and Cash Flow Forecasting Strategic and Operational Business Plans Family Trust Other (please summarise your requirement) FY2018 Personal Income Tax Year Guide Page 4

6 Need to contact us? Please provide your details Telephone: Facsimile: General IRD number Contact details to ensure our records are up to date, please complete the following: Mail: PO Box Takapuna Auckland 0740 Contact number address Physical address: 2b Aberdeen Road Campbells Bay Auckland 0622 Website Postal address Please visit our website at for further information. You can also check out our articles and newsletters and other resources. How to obtain copies of the guide Additional copies can be obtained from or by calling us on or via us at If you re unhappy with our service We re committed to providing you with a quality service. If there s a problem, we d like to know about it and have the chance to fix it. You can call the staff member you ve been dealing with or, if you re not satisfied, speak with our Director, Mark Gwilliam, on / or him at markg@bizadvice.co.nz Disclaimer The information contained in this guide is of a general nature and does not constitute legal, tax, investment or other professional advice on any subject matter and/or address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Before making any financial decision, you should consider all factors and consult an appropriate professional advisor. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. No liability is accepted by Business Advisory Accounting & Tax Services Limited or its staff, directors and contractors for actions taken in reliance upon the information given and it is recommended that appropriate professional advice should be taken before making any decision or taking any action that might affect your finances.